Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles.
B. an increase in economic growth.
C. an increase in unemployment.
D. a reduction in unemployment.
Answer: A
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Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 25 cartons an hour. Barney has significant on-the-job experience and can fill 50 cartons an hour. Both Fred and Barney work 50 hours a week. Fred's average weekly productivity is ________ cartons; Barney's average weekly productivity is ________ cartons; and as a team their average weekly productivity is ________ cartons.
A. 25; 50; 37.5 B. 25; 50; 75 C. 1,000; 2,000; 1,500 D. 1,250; 2,500; 1,875
Which of the following can you determine from a Lorenz curve of U.S. income distribution?
a. the average income of U.S. households. b. the percentage of income going to the lowest 20 percent of households. c. the amount of income going to the lowest 20 percent of households. d. the percentage of income going to wages and salaries.
Look at the five goods below to determine which of the five best fits the following statement: How much people spend on a good tends to be independent of its price
a. birthday candles b. automobile c. mattress d. lobster dinner e. rock concert
The social cost associated with the distortion in consumption from a monopoly price is called
A. marginal cost. B. deadweight loss. C. patent protection. D. government failure.